Fast expanding vegan market faces financial and trust issues
CGTN Global Business
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01:26

Since the term "vegan" was coined in 1944, the interest in veganism has experienced continuous growth. It became more mainstream in the 2010s, creating a new market that has been attracting more and more investors. But the fast-expanding market still faces various problems, in terms of non-profitability and fake veganism.

The Statista website reports that the plant protein market value worldwide stood at 10.5 billion U.S. dollars in 2017, and the number is projected to reach 16.3 billion U.S. dollars in 2025. The South China Morning Post says that China's vegan market is expected to rise by more than 17 percent from 2015 to 2020.

But vegan meat producers are still struggling to make a profit. The consultant company Euromonitor reports that IPO star Beyond Meat, for example, takes up only two-percent shares of the plant-based meat market and hasn't made any profit yet.

VCG Photo

VCG Photo

Meanwhile, vegan bloggers make a fortune thanks to the thriving market. Vegan social media star Yovana Mendoza has 1.3 million Instagram followers. She also sells meal plans on her website. For example, a 21-day "Raw Vegan Detox & Yoga Challenge" to help people lose weight is priced at 49 U.S. dollars.

Another Vegan blogger, Dana Schultz, has 1.5 million followers on Instagram. She is the author of the vegan recipe blog "Minimalist Baker" and other vegan recipe books, like "Everyday Cooking." That book was on the list of the UK's Best-Selling Vegan Cookbook in 2018.

However, a handful of prominent vegan influencers, including Mendoza, were found to be eating animal products this year.

Mendoza said she eats only uncooked plant-based foods. But she was caught with a plate of fish on the video platform video. Finnish vegan blogger Virpi Mikkonen also acknowledged that an early onset of menopause forced her to incorporate meat in her diet. And Actress Anne Hathaway, a former vegan, now also eats fish.

The reaction was swift and harsh, even though several said they had to change their diets for health reasons. "The biggest problem here is not that she's eating something that doesn't fit in with her dietary restrictions, but she's lying about what she is eating," influencer Natalie Zfat told CGTN.